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Administrator rejects mystery bid for Eircom
02 May 2012
Bankruptcy examiner declines non-binding offer for Irish operator Eircom due to level and conditionality
Examiner Michael McAteer of Grant Thornton received a conditional non-binding offer for Irish operator Eircom, but decided not to go ahead with the proposed offer considering the level of the offer and its conditionality.
Eircom said McAteer’s decision was unanimously supported by the first lien co-ordinating committee of lenders. However the bidder for the company has not yet been identified.
The interim examiner earlier set a deadline of April 23 for non-binding offers and May 7 for binding ones. Morgan Stanley has been appointed to deal with potential bidders.
Meanwhile the troubled group has been taking steps to close down some of its units, including a Luxembourg arm, ERC Luxembourg, which has submitted a voluntary declaration of bankruptcy with the Luxembourg district court, as well as a number of Cayman Islands subsidiaries, as well as Eircom Group and Valentia Telecommunications in Ireland itself, which have proposed shareholders’ special resolutions to voluntarily wind up the companies. GTB
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